Amazon - Dealership Corridor

Contributing Author: Eric Fifield Chief Revenue Officer, EFG Companies

Did you take advantage of Amazon Prime Day? Spend a little time investigating the online deals promoted by Amazon or a dozen other major online retailers? Did you have an enjoyable digital experience, or form an opinion about a retailer thanks to your online shopping trip?

If you are like the majority of consumers, you relied on brand perception to point you to certain retailers. You researched your purchase against a couple of other online options. You vetted the product by checking reviews and ratings, and you hit the “Buy Now” button. You didn’t visit a store or consult an expert.

The importance of a digital presence is only continuing to grow in retail automotive. EFG Companies recently released a finding from its national consumer research study revealing the critical role of a dealership’s online presence in making a sale. According to the 1,500 respondents, today’s digital consumer begins their buying research process online. An Ernst & Young study showed that more than two-thirds of customers now spend less than 10 hours to research their vehicle purchase – down from 15 hours in 2016. This same study showed that consumers spend more time online researching a car than any other online purchase!

95 Percent of Clients Would Proactively Recommend EFG

EFG Companies today released the results of its most recent dealer services client satisfaction study, in which EFG’s net promoter score* ranked higher than Nordstrom, USAA Banking and Insurance, Ritz Carlton, JetBlue, Apple Laptops, Amazon and Netflix.

Among the key findings of EFG’s client satisfaction survey conducted by national research firm Troubadour Research and Consulting, EFG’s performance was rated highest in those areas that are considered the most important among the company’s client base: compliance oversight, engagement, and F&I training. On a scale of one to ten, where ten is the highest for attributes in a given area, dealers ranked EFG as:

6 for account representative engagement;
7 for compliance oversight; and,
2 for F&I training.

Research study participants noted the high quality and depth of EFG’s account service team as one of the company’s greatest strengths, describing EFG as a true partner with “skin in the game” who cares about their account and is focused on maximizing compliant profitability. Training and compliance were deemed as the most critical service provided, along with reinsurance. On a ten point scale, EFG was rated: